How overcoming the mindset of scarcity will lead you to financial freedom

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Do you dream of going on an epic vacation, but you say to yourself that you would never afford it, so why bother dreaming?

Or you may want a promotion, but you don’t think your boss would give it to you, so never ask.

These are examples of thinking about scarcity and affecting your personal and financial growth. In fact, if you live with a mindset of scarcity, you leave money on the table.

What is the mindset of scarcity?

The mindset of scarcity is a mindset that works out of fear and the belief that it is not enough for everyone, so it should not be enough for you. They limit the mindset and require a lot of effort to overcome.

What causes the mindset of scarcity?

A mindset of scarcity can develop from almost any past experience. You may have a mindset of lack from your parents, your culture, your religion, your society, or special traumatic events in your life.

Here are some of the main triggers.

Low intrinsic value

The big reason we have a mindset of scarcity is that we have low self-worth. If we believe in the worst about ourselves, we don’t see why others don’t believe the same. We create stories about ourselves that stem from our inability to believe in ourselves, not from the truth about who we are as human beings.

Learning to reverse the script and find places where we acknowledge our worth is crucial in changing the narrative and focusing on the mindset of abundance.

We are uncomfortable with wealth

Those of us who grew up in the poor or middle class could be brought up with the narrative that those with wealth are not in touch with society or are rude or evil. Whatever the story, we believe that being rich is wrong and will prevent us from living a happy life. That is why we do not strive for wealth.

This obstacle will help you overcome this obstacle financial freedom. Being rich is not wrong.

Lack of financial education

Lack of financial education can lead us to believe that money is limited and that if you grow up poor, you have to be poor all your life. But this is not the case! You can help break the cycle of poverty by learning about finances, living modestly, and relentlessly attacking your financial goals.

To learn more about breaking the cycle of poverty and gaining financial independence, check out our new course Financial Freedom in Uncertain Times.

Self-protection

We may have had unfavorable experiences in the past that have led us to develop a mindset of scarcity. If you have been denied promotion once, you may believe that you are never worthy of promotion. You may stop trying to pursue your career because you don’t want to feel rejected again.

These beliefs can protect your emotions, but they will not help you grow as a person. It is important that you are constantly challenged.

Dangers of a lack of mindset

The mindset of scarcity can cause us to sabotage good opportunities ourselves because we don’t believe we are good enough. Let us let the limiting beliefs we have about ourselves present themselves as the absolute truth. And we base our decisions on that truth.

If you feel you are not responsible enough to advance in the job, you will do so and lose the opportunity. It’s not that you weren’t responsible. It’s about believing you aren’t responsible, and that has turned into a self-fulfilling prophecy.

You can also do this with your own money. Usually the limiting belief is that you are bad with money. This creates a barrier between you and your money. You don’t take the time to be good with money because you believe you are bad with money. This prevents you from generating financial gains that could allow you to be more financially successful.

How to fight the mindset of scarcity

It is important to ensure that you do not live your life out of a mindset of scarcity. If you do, you will give up many of the opportunities that lead to financial freedom. And the mindset of lack harms you more than it helps.

The first step to stopping thinking about a deficiency is recognizing when you have it. It’s hard to recognize a limiting belief if you’re not looking for it. Pay attention to negative self-talk and notice when you say no to yourself before you tackle something. All of these are signs of a mindset of scarcity.

Respect your feelings

When you notice that you are using a mindset of scarcity, ask yourself if there is a way to transform your beliefs.

Say you don’t save money because you worry about missing it. It’s a mindset of scarcity that could hurt your future financial self.

It’s perfectly understandable that you’re trying to save money when your friends have tickets to a really cool concert and you want to go with them. But always capitulating because you worry about never having a chance again endangers your future financial health.

Instead, consider creating a FOMO budget subject so you can responsibly save for those moments once in a lifetime. In this way, you respect the feeling that you don’t want to miss out, but you maintain your spending and you can also save for future goals like financial independence.

Respecting your feelings while not allowing them to overwhelm your beliefs is a big first step toward overcoming a mindset of want.

Because we are afraid of something for a reason – whether it is self-preservation or lack of self-confidence – just ignoring our feelings will not solve the problem. You need to give yourself space to work through them.

Find ways to embrace the mindset of abundance

However, sometimes you should not respect the feeling. If you feel you’re not good enough at writing to make $ 100,000 a year, it might be helpful to take a different approach and practice mindset of abundance.

You have a mindset of abundance when you believe it is enough to go around. You believe that money is unlimited and that you can achieve your goals.

Let’s say you have a goal of earning $ 100,000 by working alone, but you think you’re not good enough to earn that much. Instead of leaning toward this negative self-talk, see if you can reshape it in another way.

For example, you could say, “Although I may not believe in myself at the moment, I am capable of earning $ 100,000 this year. And there are enough projects in the world to be able to do that. ”This honors your feelings of disbelief, but it reminds you of the truth that you can do anything you can imagine.

An abundance mindset means simply accepting the best part of yourself, even if you don’t feel right. It’s hard to get started, but it can definitely help you achieve financial freedom.

Your mental health will be grateful to you

So much mental health is trapped in self-identity. A mindset of abundance is better for your mental health. And beliefs about scarcity are generally negative beliefs about ourselves.

When we decide to go beyond what we currently believe in ourselves and seek the truth that is in the world – the truth is that we are more than enough and that we can achieve what we set out to do – we choose the best parts of ourselves.

It’s a tough adjustment, for sure. But this is one that can only benefit you.

How overcoming a lack of mindset will push you towards financial independence

A mindset of scarcity and limiting beliefs can prevent us from living the best financial life. Instead of accepting the endless possibilities that money can offer us, we respond to life out of fear and misunderstanding of the world. That doesn’t set us up for financial success.

A goal like financial independence, for which you have to raise somewhere between $ 500,000 and $ 2 million, will seem impossible with a mindset of scarcity.

“That can’t be achieved,” you will say. “So why bother?”

But in reality it is possible. And a lot of people did that.

If you are convinced that financial independence is possible, you can achieve this. Financial independence can last for decades and you may not have one of the fast and dirty success stories that are so popular on social media.

However, you will read her mindset of scarcity and show her who the boss is.